The Trustee under a bankruptcy is required to collect that value of items (assets and income) based on the requirements of the Bankruptcy and
Insolvency Act (“BIA”). The Trustee uses the BIA , a Canadian federal Act, as their authority to administer the bankruptcy process.
The 2 general streams of funds that a bankruptcy collects are:

Assets - The Trustee is required to review the values of each debtors assets who enter into bankruptcy. Some assets debtors can keep and these differ from province to province, (Provincial Exemptions), while others the Trustee will either...[more]

The best to ensure that you are making the correct decision in any
situation is to ensure that the information you are dealing with is
accurate and timely. If you are not sure if you should be concerned
about your financial debt situation, the first step may be to review
the set of questions below to set your mind at ease.. Do any of them
relate to you?

As part of the legal process governing a bankruptcy, creditors are notified by the trustee in bankruptcy when a bankruptcy happens. Under the federal legislation governing the Bankruptcy and Insolvency Act, a trustee MUST mail or send electronically a copy of the bankruptcy documents to ALL creditors within 5 days of the date of bankruptcy.

When a bankruptcy assignment is filed, a Statement of Affairs (which consists of a statement of income and expenses, list of creditors and assets) is sent to all known creditors of...[more]

We quite often hear, :What is a “Proof of Claim “and why should I fill one out? – The Proof of claim form asks me if I want a copy of the s.170 report, what is that?"

When an individual (natural person or corporation) makes a filing under the Bankruptcy & Insolvency Act, (either a bankruptcy or a Proposal to Creditors)aStatement of Affairs is prepared by the debtor and...[more]

Registered retirement savings plans play an important role in the financial planning of many Canadians. For those individuals whose employers do not offer retirement benefits and for those individuals who are self-employed an RRSP may be the best post retirement plan available, other than CPP and OAP benefits.

In the Canadian Context, what leads to the majority of personal financial issues on anecdotal basis?

As a Canadian Bankruptcy trustee dealing with both small business and personal insolvency issues, when we are approached to outline the personal options available to debtors either personal bankruptcy or settlement of debt proposal to creditors we find that:

-What do I need to bring to my bankruptcy consultation?

This is a free one on one, office consultation where we go over your personal information and financial situation and outline your options. At your free consultation she will walk you through your options from a proposal to your creditors or a personal bankruptcy if that is the option that works better for...[more]

What is a Secured Credit Card?Secured credit cards are credit cards that require a deposit to be put down against the credit limit. Dependent on the card the credit limit will either be a percentage of this deposit, or the same as the deposit. This deposit will be placed in an untouched high interest account and will be returned in full, upon cancellation of the card (assuming you don’t default on your payments).
It's difficult today to get by without a credit card. If you want to stay in a hotel, rent anything, or...[more]

The bankruptcy system is in place to help honest debtors out of an unfortunate situation. However there is potential for the system to be abused and as such the Bankruptcy and Insolvency Act sets out certain kinds of bankrupt misconduct in S. 173(1) (see a copy here: http://www.canlii.org/en/ca/laws/stat/rsc-1985-c-b-3/latest/ ).
The most common forms of bankrupt misconduct are

The bankrupt continued to trade or to borrow after realizing that he/she could not pay his/her...[more]

All insolvency filings in Canada are administered under the ­Bankruptcy and Insolvency Act. Bankruptcy Trustees are licensed and regulated professionals who do the actual administration, and they report directly to the Office of the Superintendent of Bankruptcy (OSB) Canada. The BIA sets out the rules and procedures that Trustees and bankrupts must abide by. One of these rules is mandatory counselling.

Once a debtor assigns into bankruptcy they must attend a minimum of two mandatory counselling sessions over the term of their bankruptcy. The...[more]

If you are drowning in debt and struggling to make payments then an insolvency filing may be the answer. Most Bankruptcy Trustees provide free consultations, where they can inform you about your options and help you decide whether a bankruptcy or consumer proposal is right for you. However it is important to realise that not all kinds of debts will be covered by an insolvency filing. Support payments will not be erased by a bankruptcy and must still be paid during and after the term of your insolvency.
So how do you factor your support payments into your...[more]

Debt problems aren’t something we like to talk about, and because of that there are a lot of misconceptions about the bankruptcy process. This post aims to shed a little light on insolvency and share some facts that you probably didn’t know.
$1,000 minimum:
You don’t need a huge amount of debt to file for bankruptcy. While it is uncommon for someone with only $1000 of debt to require a bankruptcy filing, everyone’s situation is different. Don’t put off seeking advice because you think your debt load is too small to qualify.
No income...[more]

Seniors – Stay put or Sell and Rent?
Here’s a question that seniors everywhere are asking themselves... Should we sell and rent? Or stay in our home. Most seniors enjoy their current home and have spent 30 plus years making it perfect for them. So why should they sell? They have great transportation links, a lively urban scene, large backyards and nearby parks for their dogs to run around in but talk of a possible pullback in housing prices has some seniors thinking.. Is it time to sell? Invest the proceeds and rent their next home?
The Real Estate market could be the deciding...[more]

Many seniors find themselves thinking about housing options in retirement. As the Boomer generation continues to retire, many seniors are finding themselves house rich and cash poor. Some seniors are deferring their property taxes, but are still struggling to afford the monthly costs of staying in their homes. Even a seemingly small expense like a hydro bill could be the bill that forces them out of their homes or leaves other needs, such as food or medications, unmet. There are also many senior homeowners who are able to meet their monthly costs, but who live in fear of what would happen if...[more]

What Happens Once You File for Bankruptcy?
Once your bankruptcy is filed, there is an immediate stay of proceedings. This means that unsecured creditors cannot begin or continue lawsuits, wage garnishees, or even contact you to request payment.
Within five days of the bankruptcy starting the trustee will send a copy of the bankruptcy paperwork to creditors, so they can file a claim.
The trustee will file outstanding tax returns up to the date of bankruptcy. Any outstanding...[more]